The unthinkable moved a notch closer last night after the United States Senate failed to pass a $14bn emergency loan package for the Detroit Big Three. While Ford should be OK for now, there is a very strong chance GM and Chrysler will fail before 2008 is out, running short of the $4bn (GM) and $7bn (Chrysler) they need this month to pay suppliers, make payroll and keep the factory doors open.
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Share prices of European automakers and related industries fell sharply on Friday morning as news of the Senate collapse of a Detroit Three bailout travelled across the Atlantic.
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The failure of the U.S. government bailout for the automotive sector has no direct consequences for Ford's unit Volvo Car, a spokeswoman for the Swedish subsidiary said on Friday.
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General Motors and Chrysler face an immediate cash crisis in the aftermath of the Senate's rejection last night of a US$14bn emergency loan package, analysts have said.
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General Motors did hire advisers to consider bankruptcy but the board decided a filing was not an option, the automaker said last night ahead of a crucial Senate vote on a $14bn rescue package.
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The Treasury Department last night insisted a $700bn bailout fund approved earlier by Congress was unlikely to be used to help any industry other than the US financial sector, dashing hopes the remaining $15bn of the first tranche of $350bn could be diverted to automakers.
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Continental has asked banks for more time to pay off about 11 billion euros ($14.59 billion) worth of loans, a spokeswoman for the company said on Friday.
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Continental is not at this stage trying to restructure bank loans it took up last year to finance its acquisition of the VDO automotive electronics business, a source familiar with the matter said on Friday.
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Citroen announced Thursday that it will join sister brand Peugeot and cross-town rival Renault in extending a new French government scrapping subsidy aimed at boosting new car sales.
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Share prices of European carmakers and associated industries fell sharply as fallout spread across the Atlantic from the U.S. Senate's rejection of a bailout for an auto sector under the threat of possible collapse.
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The Swedish government has presented a 25 billion kroner (US$3.4bn) support package to help its automotive sector. The plan - still requiring lawmakers' approval - offers credit guarantees, emergency loans and research funds to boost automotive companies.
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Daimler has announced that Wilfried Porth will become its new board member for human resources and labor relations director. Porth starts his new job on April 8, 2009, following Daimler's annual general meeting. He has a three-year contract.
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Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
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Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
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Amidst the doom and gloom there is some positive news from Daimler. It has acquired a 10% stake in Russian truck manufacturer Kamaz for US$250m.
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The German automotive industry trade association, Verband der Automobilindustrie (VDA) is considering setting up a fund to support suppliers in trouble.
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High debt levels are causing concern at German automotive supplier Continental and Schaeffler, which is in the process of taking it over.
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Workers at General Motors' Opel could take a stake in the company in return for concessions, a magazine said Friday.
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Talks between the German government and carmaker Opel are continuing and Berlin stands ready to decide on providing guarantees to the company before Christmans if it needs help, the Economy Ministry said on Friday.
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Volkswagen's Czech unit Skoda will halt work on Fridays in the first half of 2009 due to the lasting financial crisis, Czech news agency CTK reported, citing a spokesman.
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